Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business > key terms 1.5-Entrepreneurs and Leaders > Flashcards

key terms 1.5-Entrepreneurs and Leaders Flashcards

1
Q

Definition of an entrepreneur

A

individuals who typically set up and run a business and take the risks associated with it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Definition of an Intrapeneur

A

employees who use entrepreneurial skills without having to risk their own money to find and develop initiatives that will have financial benefits for their employer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Definition of profit maximisation

A

an attempt to make as much profit as possible in a given time period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Definition of profit satisficing

A

making enough profit to satisfy the needs of the business owner/s

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Definition of aims

A

what business tries to achieve in the long term

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Definition of objectives

A

the goals or targets set by a business to help achieve it’s long term purpose

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Definition of sales maximisation

A

an attempt to sell as much as possible in a given time period// or an attempt to generate as much revenue as possible in a given time period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Definition of the primary sector

A

production involving the extraction of raw materials from the earth

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Definition of the secondary sector

A

production involving the conversion of raw materials into finished and semi-finished goods

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Definition of the tertiary sector

A

the production of services in the economy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Definition of sole trader/ sole proprietor

A

a business organisation which has a single owner

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Definition of unlimited liability

A

a legal status which means that the owner of the business is personally liable for all business debts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Definition of partnership

A

a business organisation that is usually owned by 2-20 people

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Definition of deed of partnership

A

a binding legal document that states the formal rights of the partners

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Definition of limited partnership

A

a partnership where some members contribute capital and enjoy a share of profit but don’t participate in the running of the business,
At least one partner must have unlimited liability

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Definition of sleeping partner

A

a partner that contributes capital and enjoys a share of the profit but takes no active role in running the business

17
Q

Definition of limited liability

A

a legal status which means that a business owner is only liable for the original amount of money invested in the business

18
Q

Definition of limited company

A

a business organisation that has a separate legal identity from that of it’s owner

19
Q

Definition of articles of association

A

a document that provides details of the internal running g of limited company

20
Q

Definition of certificate of incorporation

A

a document that declares a business is allowed to trade as a limited company

21
Q

Definition of memorandum of association

A

a document that sets out the constitution and states key external details about a limited company

22
Q

Definition of franchise

A

a business model in which a business (the franchisor) allows another operator (the franchisee) to trade under their name

23
Q

Definition of lifestyle business

A

a business that aims to make enough money and provide the flexibility needed to support a particular lifestyle for the owner

24
Q

Definition of mutual organisation

A

a business owned by its members who are customers not shareholders

25
Q

Definition of online business

A

a business that uses global communications infrastructure as it’s trading base

26
Q

Definition of social enterprise

A

a business that trades with objectives of improving human or environmental well being e.g charities and workers’ co-operatives

27
Q

Definition of private equity company

A

a business usually owned by private individuals backed by financial institutions

28
Q

Definition of public limited company

A

a company owned by shareholders where the shares can be traded openly on the stock market

29
Q

Definition of stock market

A

a market for second hand shares

30
Q

Definition of stock market flotation/ initial public offering

A

the process of a company ‘going public’- making shares available to the public for the first time

31
Q

Definition of choices

A

in businesses. deciding between alternative uses of resources

32
Q

Definition of opportunity cost

A

when choosing between different alternatives, the opportunity cost is the benefit lost from the next best alternative to the one chosen

33
Q

Definition of trade off’s

A

in businesses where a decision-maker faces a compromise between 2 different altnertaives

Business (22 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions